Financial Guaranty Insurance Co., the bond insurer that took possession of Joe Louis Arena after losing $1.1 billion in Detroit's bankruptcy, wants to sell the vacant property now being razed.
FGIC is in talks with an unnamed local development group that wants to buy the arena site and an adjacent parking garage and find a new use for the site, reports Louis Aguilar of The Detroit News.
Matthew Walters, the city's deputy group executive for jobs and the economy, tells the paper:
"I have a high level of confidence this deal will get done."
He described the development group as having a proven track record in Detroit, with "an ability to execute deals."
FGIC has had differences with the city over developing the site.